I'm not quite sure where AOL is getting the money to purchase all the companies that they are frightened by but they are sure doing a good job at creating a huge cluster of big brands underneath their umbrella. With TechCrunch, Engadget, Joystiq, Moviefone, Mapquest and Switched already under their belt, AOL has now purchased Huffington Post for $315 million, $300 million of it in cash. Co-founder Arianna Huffington will become president and editor-in-chief. Since its inception in 2005, the HuffPo has been ever-growing in popularity and now reaches an average of 25 million visitors and over 4 million comments each month. AOL and Huffington Post's board of directors have agreed on the transaction as have the shareholders and the finalization of the deal should happen no later than early Q2.
From AOL and Huffington Post we have a press release:
Acquisition Will Solidify AOL's Strategy of Creating a Premier Content Network With Local, National and International Reach
Arianna Huffington To Lead Newly Formed The Huffington Post Media Group Which Will Integrate All Huffington Post and AOL Content, Including News, Tech, Women, Local, Multicultural, Entertainment, Video, Community, and More
The New Combined Media Group Will Reach 117 Million Americans and 270 Million Globally
Group Uniquely Positioned To Redefine the Future of Brand Advertising and Marketing For an Engaged and Influential Audience
Tim Armstrong, Chairman and CEO of AOL spoke highly of the acquisition and of Arianna Huffington.
The acquisition of The Huffington Post will create a next-generation American media company with global reach that combines content, community, and social experiences for consumers. Together, our companies will embrace the digital future and become a digital destination that delivers unmatched experiences for both consumers and advertisers. ... Arianna is a singularly passionate and dedicated champion of innovative journalistic engagement, and a master of the art of using new media to illuminate, entertain and enhance the national conversation. Arianna is a remarkable person and she will continue to create remarkable outcomes for the combined company.
For more on this move, follow the break.